New World Telecommunications Limited (abb. NWT) also known as New World Telecom, was a fixed line provider of Hong Kong S.A.R., China. It was a subsidiary of

New World Development New World Development Company Limited (NWD), is a Hong Kong-based company focused on property, hotels, infrastructure and services and department stores. It was established on 29 May 1970 by Cheng Yu-tung. The company is publicly listed on the ...

, via New World Telephone Holdings; New World Telecommunications was acquired by a competitor, Hong Kong Broadband Network (HKBN) in February 2016. In the same year New World Telecommunications was renamed to HKBN Enterprise Solutions, as a subsidiary of HKBN.

History

New World Telecommunications was established in 1992 by transforming from Rowenty Power, a shelf company that was incorporated on 14 January of the same year in the British Hong Kong.Data in Hong Kong Companis Registry At that time it was known as New World Telephone. New World Telephone Holdings was the direct parent company, while itself a subsidiary of

. New World Telecommunications acquired the licence of fixed-line telephone in 1995. Immediately after the deregulation of the telecommunication industry of Hong Kong in 2003, New World Telecommunications, along with Hutchison Global Communications, Wharf T&T, were the major competitors to

PCCW PCCW Limited (formerly known as Pacific Century CyberWorks Limited) is a Hong Kong-based information and communications technology (ICT) company. The company is the majority owner of telecommunications company HKT Limited, and also holds a m ...

(formerly

Hong Kong Telecom HKT Limited (), also known as Hong Kong Telecom (), is one of the largest telecommunications companies of Hong Kong. It has a dominant position in fixed-line, mobile, IDD and broadband services in Hong Kong. HKT Group is a subsidiary of PCCW ...

), the dominant operator at that time. New World Telecommunications was aimed for business customers. New World Telecommunications had a sister company New World PCS Holdings which was a mobile network operator in Hong Kong. They both under the same direct parent company New World Telephone Holdings. However, New World PCS Holdings was sold to Asia Logistics Technologies in 2004, as part of a backdoor listing. Asia Logistics Technologies was subsequently known as New World Mobile Holdings from 2004 to 2010. However, the shares of the successor of New World Mobile Holdings,

CSL New World Mobility CSL Mobile Limited () is a Hong Kong telecommunications company, which operates mobile network brands of "csl", "1O1O" and "Club SIM". CSL is a subsidiary of Hong Kong Telecom (HKT) and was Hong Kong's first mobile communications operator esta ...

, was sold by

, a subsidiary of PCCW in 2013. In February 2016, New World Telephone Holdings sold New World Telecommunications and other businesses in Hong Kong, Macau and Shenzhen to its competitor Hong Kong Broadband Network (HKBN) for HK$650 million; the latter was disinvested by local telecommunication tycoon Ricky Wong in 2012. It was reported that the takeover of New World Telecommunications was a leverage buyout, which was financed by a borrowing from

JPMorgan Chase JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City and incorporated in Delaware. As of 2022, JPMorgan Chase is the largest bank in the United States, the ...

for 5 years by HKBN. In March 2016, the

Communications Authority The Communications Authority is a statutory body responsible for licensing and regulating the broadcasting and telecommunications industries in Hong Kong. It was formed in 2012 through a merger of the Hong Kong Broadcasting Authority, Televisio ...

of Hong Kong, announced that they would not to commence an investigation on the takeover under the Competition Ordinance of Hong Kong. It was reported that despite both HKBN and NWT were telecommunication companies, due to one company aimed at residential customers and another aimed at business customers, it would not strengthen the oligopoly of the telecommunications market of Hong Kong. ''

Financial Times The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and published digitally that focuses on business and economic current affairs. Based in London, England, the paper is owned by a Japanese holding company, Ni ...

'' compared the disinvestment of Hutchison Global Communications by

CK Hutchison Holdings CK Hutchison Holdings Limited is a Hong Kong-based and Cayman Islands-registered multinational conglomerate corporation. The company was formed in March 2015 through the merger of Cheung Kong Holdings and its main associate company Hutchison Wh ...

in 2017 and New World Telecommunications by New World Development, were part of "the process of succession planning f the largest tycoon families of Hong Kongas the founders reach retirement age or pass away.";

Cheng Yu-tung Cheng Yu-tung GBM (; 8 August 1925 – 29 September 2016) was a Hong Kong billionaire with extensive property investment, development and service businesses, hotels, infrastructure, jewellery retailing and transportation interests in Hong Kong, ...

, the founder of New World Development, passed away in September 2016. The disinvestment was also rumoured as part of a total withdrew of Hong Kong market (), nevertheless the analyst concluded that the disinvestment by New World Development, was part of a project that strengthen the core business of the conglomerate.

References

External links

* {{dead link, date=February 2018 Telecommunications companies of Hong Kong Telecommunications companies established in 1992 Chinese companies disestablished in 2016 Former New World Development subsidiaries 1992 establishments in Hong Kong 2016 disestablishments in Hong Kong Telecommunications companies disestablished in 2016